Pakistan is a developing country it ranks on 6th among world’s most populated countries having a total of 207 million populations. Now a days Pakistan is witnessing many problems which have great impact on our economy to get weaker but this continuation have strengthened the political process. Our economic condition is at declining position back from 1947 but the country is working hard to improve it.
Gross domestic product (GDP) is the economic performance of a country it includes the sum of market value of all final goods and services. Pakistan has about $ 307 billion GDP and ranks on 147 arround the world by year 2017 and it is estimated that by year 2018 it would be $ 2.9 billion lowest in the last nine years. Our GDP is less because of the low import and export rate. Pakistan import is about $ 60.89 billion in this fiscal year 2017-2018 which is increased about 15 percent. Pakistan export is about $ 23.3 billion which is high from last few years due to government efforts, in 2016-2017 it was about $ 20.422 billion. Because of less export rate we are facing trade deficit pf $ 37.67 billion during this fiscal year 2017-2018.
Apart from trade deficit we are also facing budget deficit , most of our budget is used in debt servicing which some of it is used for investment in different sectors. This fiscal deficit is increasing from the last few years and public debt of Pakistan have reached to $ 36 trillion in 2018. It was about $ 1.5 trillion in the last three years during the government of PLM-N and it’s double due to rupees devaluation.
The previous government was unable to bring changes in reforms but this government is trying their best to bring changes, they have increased taxes to increase GDP and better countries economic condition. This year according to Aasd Umer our finance minister about 1.49 million have filled their return taxes for which last date was December 17,2018, there is about 34 percent increase from last year which was 1.11 million by the year 2017 which is about half of the population. So, the government of Pakistan by making new policies and changes in reforms change improve our economic condition and by this we can also increase our GDP. Also by utilizing our immense population in useful manner i-e by providing job facilities we can also increase our GDP.
Sumbal Inayat
Peshawar
